Tamil Nadu RERA ascertains first compensation of Rs four crore In...

    Tamil Nadu RERA ascertains first compensation of Rs four crore

    In a first, the Tamil Nadu Real Estate RegulatoryAuthority (TNRERA) has fixed compensation for home buyers, who did not receive their apartments from a city based developer.
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    Marg Properties Limited

    The adjudicating officer of the realty regulator has directed Marg Properties Limited to provide collective amount totalling more than 4 crore for 32 consumers, after they complained about failure to handover flats as per the agreement.

    In a recent order, G Saravanan, adjudicating officer of TNRERA, said that the complainants have booked flats in the project named ‘Marg Brindavan’ at Pondur village in Sriperumpudur taluk at Kancheepuram district and paid advance as per the agreed amount.

    A total of 32 consumers have paid an amount totalling 3.7 crore to the developer. Though the delivery date was fixed between June 2013 and September 2015 for different buyers, the consumers complained that their flats were not delivered. As per the provisions of the RERA Act, the respondent (developer) is liable to return the amount with interest, compensation and costs to the complainants, the order citing the complainants added. According to the order, each consumer gets compensation ranging from 30,000 to 1 lakh depending on the investment in the project.

    Besides, the total legal expenses collectively amounts to 62,6100 for all the complainants. The developer should pay the complainants the amount within a period of 30 days, the order further said.

    Info- https://realty.economictimes

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